State of New Jersey Common Pension Fund D Sells 2,101 Shares of Corteva, Inc. $CTVA

State of New Jersey Common Pension Fund D lowered its stake in Corteva, Inc. (NYSE:CTVA) by 0.9% in the second quarter, Holdings Channel reports. The fund owned 229,294 shares of the company’s stock after selling 2,101 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Corteva were worth $17,089,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. NORTHSTAR ASSET MANAGEMENT Co lifted its holdings in shares of Corteva by 2.2% in the second quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 6,940 shares of the company’s stock worth $517,000 after acquiring an additional 150 shares during the last quarter. Sage Mountain Advisors LLC acquired a new position in shares of Corteva in the second quarter valued at approximately $284,000. AlphaQuest LLC acquired a new position in shares of Corteva in the second quarter valued at approximately $1,593,000. Moloney Securities Asset Management LLC acquired a new position in shares of Corteva in the second quarter valued at approximately $209,000. Finally, Carnegie Investment Counsel increased its stake in shares of Corteva by 3.0% in the second quarter. Carnegie Investment Counsel now owns 5,607 shares of the company’s stock valued at $418,000 after buying an additional 164 shares during the period. Institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

CTVA has been the subject of several recent research reports. UBS Group lowered their price objective on Corteva from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, October 6th. The Goldman Sachs Group lowered their price objective on Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays raised Corteva from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Argus decreased their target price on shares of Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Wells Fargo & Company decreased their target price on shares of Corteva from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.94.

Insider Activity

In other Corteva news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $63.63 on Friday. The company has a market capitalization of $43.21 billion, a PE ratio of 31.04, a P/E/G ratio of 1.46 and a beta of 0.76. The company has a 50 day simple moving average of $68.53 and a two-hundred day simple moving average of $69.13. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.83 EPS. Research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio (DPR) is currently 35.12%.

Corteva Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.